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My understanding is - be curious about the world, people around you and how systems work, and don't be afraid of asking questions even though they might be silly. Be open to learning in all forms and from every opportunity...

A venture this year failed after spending more then a year an a half on it. The founder had launched a product and won a contest to get even more support. The economy collapse brought down the market for his single market product.

So he searched for a new product. He wanted to develop it on a shoe string, burning up his own money because this was his full time business and did not make a penny on the previous product. He is an engineer that got his MBA so follow the MBA approach to developing a product.

Why did it fail. Simply he assumed he had a new product so started the marketing and raising money. Yes you heard me correctly. The product was trying to find a niche that other people ignored for decades. Which means that YOU HAVE TO PROVE THAT THEY MISSED THE NICHE. But his focus was on a proof of concept model that could also be the first production product, save cost. The prototype did not achieve the the goal of finding the missing niche. Does it exist. I do not know because the management objective was just to prove that a niche existed. And a lot of territory to examine still exist.
Now my experience is in developing products for hire in those niches. Most times the niche is not as deep as this one is but I have developed products with deep learning curves. Failure of at least two to dozens of experiments is the normal experience I have.. We can remember Thomas Edison's 1000 experiments before success.

Really, the phrase would be better understood if it was worded as, "Stay foolish, stay hungry".

What is means is that if one is well qualified, experienced and knowledgeable one should become an entrepreneur instead of working for a pittance (staying hungry because you are being foolish to work for someone when you could be earning much more by working for yourself).

The implication is that if you have the capability become an employer and employ others - creating the best value you can for yourself and for society.

To me, it means want more than the status quo. Pursue more. Be more driven & motivated for more. And do things that people see as foolish because you're walking away from so much that society values or because the risk that you're taking is so great.

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